Oil crisis cuts Baker Hughes' business in half in 2015

Oil service major Baker Hughes was struck hard by the low oil price in 2015, a year in which especially the number of active rigs took a dive and put pressure on the company's business. This development looks set to continue in 2016 and the industry will need help, notes CEO.

Photo: /ritzau/Jacob Ehrbahn

US-based oil service company Baker Hughes, which is listed on the NYSE, can look back on a historically difficult year.

The number of active rigs plummeted by 34 percent and the continued low oil price made - and continues to make - the oil companies to cut everything that can be cut. This development sends Baker Hughes' business into a broad decline.

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